China threatens new tariffs on $60 billion worth of USA goods

China threatens new tariffs on $60 billion worth of USA goods

China threatens new tariffs on $60 billion worth of USA goods

The US already imposed 25 per cent tariffs on $34 billion in Chinese goods in early July, with another $16 billion to be targeted in coming weeks, drawing an in-kind retaliation from China.

Duties ranging from 5 per cent to 25 per cent will be levied on 5,207 kinds of American imports if the USA delivers its proposed taxes on another US$200 billion of Chinese goods, the Ministry of Finance said in a statement on its website late Friday. China immediately retaliated by imposing levies on the same amount of United States goods. China countered with more tariffs on another $50 billion, and threatened that it would respond to every Trump tariffs with an equal tariff of its own.

The statement said the date of implementation of the taxes will depend on the "actions of the U.S. side" and China reserves the right to apply "other countermeasures". The step is reportedly being considered by the White House in order to narrow the trade deficit between the United States and China.

"The US side has repeatedly escalated the situation against the interests of both enterprises and consumers", the Chinese Commerce Ministry said in its statement.

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On March 1, President Donald Trump announced that the US would be slapping a 25 percent tariff on all steel imports and a 10 percent tariff on all aluminum imports.

According to China's Ministry of Commerce, the measure will come into force immediately if Washington starts to impose taxes on Chinese imports.

"China has to take necessary countermeasures to defend its dignity and the interests of its people."
LNG's inclusion marks a deployment by Beijing of one of its last major weapons from its energy and commodities arsenal in its fight with Washington.

Other US goods targeted by China also included semiconductors, some helicopters, small-to-mid-sized aircraft, condoms, beef, steel products and coffee.

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